<PAGE> PAGE 1
000 B000000 08/31/95
000 C000000 0000820537
000 D000000 N
000 E000000 NC
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE HIGH YIELD INCOME FUND, INC.
001 B000000 811-5296
001 C000000 2122141250
002 A000000 199 WATER STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10292
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 THE PRUDENTIAL INVESTMENT CORPORATION
008 B000001 S
008 C000001 801-22808
008 D010001 NEWARK
008 D020001 NJ
008 D030001 07101
008 A000002 DELETE
010 A000001 PRUDENTIAL MUTUAL FUND MANAGEMENT, INC.
010 B000001 811-31104
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10292
011 A000001 PRUDENTIAL SECURITIES INCORPORATED
011 B000001 8-27154
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10292
012 A000001 STATE STREET BANK AND TRUST COMPANY
012 B000001 85-5003
<PAGE> PAGE 2
012 C010001 NORTH QUINCY
012 C020001 MA
012 C030001 02171
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 PRUDENTIAL SECURITIES INCORPORATED
014 B000001 8-27154
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 NORTH QUINCY
015 C020001 MA
015 C030001 02205
015 E010001 X
015 A000002 STATE STREET BANK AND TRUST COMPANY
015 B000002 S
015 C010002 LONDON
015 D010002 UNITED KINGDOM
015 E040002 X
018 000000 Y
019 A000000 Y
019 B000000 72
019 C000000 PRUDENTIAL
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MITSUBISHI SECURITIES (USA), INC.
022 C000001 0
022 D000001 62313
022 A000002 BEAR, STEARNS, & CO. INC.
022 B000002 133299429
022 C000002 8771
022 D000002 51987
022 A000003 CS FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003 8610
022 D000003 43901
022 A000004 SMITH BARNEY, INC.
022 B000004 13-1912900
022 C000004 4111
022 D000004 41461
022 A000005 FUJI BANK OF NEW YORK
<PAGE> PAGE 3
022 C000005 0
022 D000005 34039
022 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
022 C000006 19167
022 D000006 14480
022 A000007 GOLDMAN SACHS & CO.
022 B000007 13-5108880
022 C000007 7897
022 D000007 22393
022 A000008 MORGAN STANLEY & CO., INC.
022 B000008 13-2655998
022 C000008 9452
022 D000008 19933
022 A000009 CHEMICAL SECURITIES, INC.
022 B000009 13-3379014
022 C000009 3936
022 D000009 22777
022 A000010 FIRST UNION NAT'T BANK OF N.C.
022 B000010 56-0900030
022 C000010 0
022 D000010 21756
023 C000000 100475
023 D000000 462346
025 A000001 BEAR STEARNS, & CO.
025 B000001 13-3299429
025 C000001 D
025 D000001 432
025 A000002 CS FIRST BOSTON CORP.
025 B000002 13-5659485
025 C000002 D
025 D000002 432
025 A000003 SMITH BARNEY, INC.
025 B000003 13-1912900
025 C000003 D
025 D000003 180
025 A000004 GOLDMAN SACHS & CO.
025 B000004 13-5108880
025 C000004 D
025 D000004 159
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE> PAGE 4
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 A000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
<PAGE> PAGE 5
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.700
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 Y
056 000000 N
<PAGE> PAGE 6
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 1.8
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 119.8
062 Q000000 0.0
062 R000000 0.7
063 A000000 0
063 B000000 7.9
064 A000000 N
064 B000000 Y
065 000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
<PAGE> PAGE 7
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 99767
071 B000000 102850
071 C000000 93854
071 D000000 106
072 A000000 2
072 B000000 11524
072 C000000 228
072 D000000 0
072 E000000 0
072 F000000 536
072 G000000 0
072 H000000 0
072 I000000 55
072 J000000 120
072 K000000 0
072 L000000 102
072 M000000 40
072 N000000 26
072 O000000 0
072 P000000 1347
072 Q000000 0
072 R000000 55
072 S000000 15
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 21
072 X000000 2317
072 Y000000 0
072 Z000000 9435
072AA000000 2377
072BB000000 7036
<PAGE> PAGE 8
072CC010000 3885
072CC020000 0
072DD010000 9435
072DD020000 0
072EE000000 0
073 A010000 0.8700
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0800
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 93780
074 E000000 145
074 F000000 318
074 G000000 0
074 H000000 0
074 I000000 1497
074 J000000 2234
074 K000000 0
074 L000000 976
074 M000000 16
074 N000000 98966
074 O000000 277
074 P000000 95
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 20339
074 S000000 0
074 T000000 78255
074 U010000 10989
074 U020000 0
074 V010000 7.12
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 40173
075 A000000 0
075 B000000 76345
076 000000 8.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
<PAGE> PAGE 9
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 Y
077 Q010000 Y
077 Q030000 N
080 A000000 ICI MUTUAL INSUANCE COMPANY
080 B000000 N/A
080 C000000 0
081 A000000 0
081 B000000 0
082 A000000 N
082 B000000 0
083 A000000 0
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON
087 A020000 429904105
087 A030000 HYI
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE GRACE C. TORRES
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820537
<NAME> HIGH YIELD INCOME FUND, INC
<SERIES>
<NUMBER> 001
<NAME> HIGH YIELD INCOME FUND, INC
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 96,518,734
<INVESTMENTS-AT-VALUE> 95,739,387
<RECEIVABLES> 3,210,337
<ASSETS-OTHER> 15,950
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98,965,674
<PAYABLE-FOR-SECURITIES> 276,573
<SENIOR-LONG-TERM-DEBT> 20,434,489
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 20,711,062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99,722,640
<SHARES-COMMON-STOCK> 10,989,396
<SHARES-COMMON-PRIOR> 10,897,326
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (55,423)
<ACCUMULATED-NET-GAINS> (20,633,258)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (779,347)
<NET-ASSETS> 78,254,612
<DIVIDEND-INCOME> 228,348
<INTEREST-INCOME> 11,524,117
<OTHER-INCOME> 0
<EXPENSES-NET> 2,317,006
<NET-INVESTMENT-INCOME> 9,435,459
<REALIZED-GAINS-CURRENT> (4,726,600)
<APPREC-INCREASE-CURRENT> 3,885,185
<NET-CHANGE-FROM-OPS> 8,594,044
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,435,459)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (88,374)
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 659,121
<NET-CHANGE-IN-ASSETS> (270,668)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (15,906,658)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 535,901
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,317,006
<AVERAGE-NET-ASSETS> 76,345,000
<PER-SHARE-NAV-BEGIN> 7.21
<PER-SHARE-NII> 0.78
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.87)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 7.12
<EXPENSE-RATIO> 3.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
For the fiscal year ended (a) 8/31/95
File number (c) 811-5296
SUB-ITEM 77 D
EXHIBITS
Policies with respect to security investment
On April 11, 1995 the Board of Directors approved amended liquidity
procedures and amended valuation procedures.
N-SAR:hyi895.77d
For the fiscal year ended (a) 8/31/95
File number (c) 811-5296
SUB-ITEM 77 D
EXHIBITS
Policies with respect to security investment
On April 11, 1995, the Board of Directors approved an investment policy
modification for The High Yield Income Fund, Inc. The change in the investment
policies of the Fund removes the Fund's average weighted maturity limitation of
between 10 and 20 years and enables the Fund to purchase obligations without
regard to average portfolio maturity.
N-SAR:hyi/ii895.77d
October 24, 1995
To the Board of Directors of
The High Yield Income Fund, Inc.
In planning and performing our audit of the financial statements of The High
Yield Income Fund, Inc. (the "Fund") for the year ended August 31, 1995, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purposes of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of August 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
